Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,260/mo
Lowest payment- Down payment
- $233,943
- Funds due
- $244,557
- Interest + MI left
- $42,202
- First ends
- Aug 2042
Assumption
Assumption + second
$2,700/mo
+$1,440/mo- Down payment
- $32,943
- Funds due
- $45,191
- Interest + MI left
- $359,598
- First ends
- Aug 2042
New loan
New conventional
$2,551/mo
+$1,292/mo- Down payment
- $32,943
- Funds due
- $41,862
- Interest + MI left
- $432,884
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $95,057 | $95,057 | $296,057 |
| Second mortgage | — | $201,000 | — |
| First P&I | $670.80 | $670.80 | $2,005.59 |
| Second P&I | — | $1,439.99 | — |
| Mortgage insurance | $102.22 | $102.22 | $59.21 |
| Taxes, insurance & HOA | $486.58 | $486.58 | $486.58 |
| Total housing payment | $1,259.61 | $2,699.59 | $2,551.39 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,943
Closing costs & prepaids$12,247
Usable credit−$0
Total buyer cash needed$45,191
Earnest money paid−$0
Remaining funds due$45,191
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,290.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$394.75
Initial HOA (3 months)$615.00
Prepaid interest, first (9 days)$88.60
Prepaid interest, second (9 days)$384.10
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing15 yr 8 moOf the original 30-year loan at 3.78%
Interest already paid$66,120Through Dec 2026
Assumption only · ends Aug 2042$42,202
Assumption + second · ends Aug 2042, second Jan 2057$359,598
New conventional · ends Jan 2057$432,884